USinternetworking said it has completed a restructuring plan the company outlined when it filed for bankruptcy protection. The ASP (application service provider) said it would merge with Interpath, another ASP. USi Chief Executive Andrew Stern will become chairman and CEO of the new company.
In January, USi filed for Chapter 11 bankruptcy protection and also announced that an affiliate of Bain Capital agreed to invest up to $106 million in the company. USi has already received $81.3 million of that. Bain owns a controlling stake in Interpath. USi provides, hosts and maintains e-commerce software for other businesses.